These comments relate mainly to 31 December 2008 accounts:-The...

These comments relate mainly to 31 December 2008 accounts:-

The balance sheet is complicated by the hedge accounting. While there is no resolution of the hedge issue, NGF continues to account for it as if it was still in place.

Currently, there is no tax liability. There is are deferred tax assets, which I assume relates to the hedging and deferred tax liabilities, which I assume relate to accelerated depreciation claims.

Excluding hedge-related items and deferred tax items, the current assets ($47.5m) exceeded the current liabilities ($29.7m).

Debt was $35.2m. There were non-current provisions in place of $23m, the majority of which I'd imagine relate to hedges.

Liabilities related to the hedges were: current (ie. due within 12 months): $27.2m; non-current (ie. more than 12 months away and assuming provisions relate to hedging): $99m.

The March 2009 quarterly showed that cash went from about $23m (including $16m security bonds) to $58m (including $17.8m security bonds). So, they increased available cash by $35m for the quarter.

I suspect that this cash generation has given the market some comfort that, not only could they meet their hedge commitments as they fell due (in the event that they were reinstated), but that they could also pay off their $38m debt.